Lifestyle Financing

Key features

• Financing is available from MVR 25,000 up to MVR 300,000 without any additional security at a rate of 15% p.a.
• Financing is available from MVR 300,000 up to MVR 1.5 million with additional security at a rate of 12% p.a.
• Financing period is up to 5 years and no further guarantee or security is required

Am I eligible?

For Lifestyle Financing (Unsecured)

• Only rental income will be considered for Unsecured Financing.
• Rental income must be routed through BML account for past 12 months
• Repayment of all existing credit facilities should be satisfactory for the past 12 months.
• Rental income must be from a property with a valid rental agreement.
  
  

For Lifestyle Financing (Secured)

• Personal net monthly income from all sources including rental income must be sufficient to cover the repayment amount (Income will not be tied necessarily to property owned or mortgaged).
• Rental income must be routed through any bank account for past 3 months and most recent month’s rental income must be routed to your BML account. Rental income from a property with a valid rental agreement.
• Property offered as security must be at least 150% of the financing amount.
• Maximum age limit is normally 60 years, though this may not apply if the facility repayment can be met from rental income.

Applicable fees

Unsecured financing: 

• A processing fee of 1% of the financing amount will be charged

Secured financing

• Application fee MVR 1,000 (Non-refundable)
• A processing fee of 1.5% of the financing amount will be charged

How do I apply?

• Submit BML Islamic Lifestyle Financing Unsecured Application via registered email to [email protected] or via Internet Banking. When applying online, please ensure documents are color copies of the original in PDF format.
• To submit BML Islamic Lifestyle Financing Secured Application if you are in Male’, you can make an appointment through our Booking Portal and our staff will contact you to arrange a date and time. If the appointment slots for the day are full, please try again for the next working day. Appointments can be made from 12am on the day before each working day.
• If you are outside of Male’ please submit the Application Form along with required documents to the nearest Branch.
• Our BML Islamic Male’ Branch and Branches outside Male’ are open from 8:30am to 2:00pm, Sundays to Thursdays (except public holidays).